Monday, January 25, 2010

Free Tax Help!

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If you or someone you know earned less than $49,000 in 2009, you may be eligible for up to $5,600 in Earned Income Tax Credit (EITC). – and your taxes can be done for free beginning in January.

Many families have their taxes done using their year-end paycheck and sometimes pay more than they should, especially if they want a quick refund. By taking advantage of the free tax preparation, these working families and individuals can keep more of what they earn.

Eligibility requirements for the 2009 EITC are:

~ Families with three or more qualifying children who earn less than $43,279 (or less than $48,279 married filing jointly) are eligible for a credit of up to $5,657.

~ Families with two qualifying children who earn less than $40,295 (or less than $45,295 married filing jointly) are eligible for a credit of up to $5,028.

~ Families with one qualifying child who earn less than $35,463 (or less than $40,463 married filing jointly) are eligible for a credit of up to $3,043.

~ Workers without a qualifying child who earn less than $13,440 (or less than $18,440 married filing jointly) are eligible for a credit of up to $457.

The Child Tax Credit, which is up to $1,000 per qualifying child, is another often overlooked benefit. For tax year 2009, the minimum income threshold needed to qualify for the Additional Child Tax Credit has been reduced from $12,050 to $3,000, so more families will be eligible.

For information on tax site locations and what to bring, check out the following links.

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Company and product listings do not represent endorsement by either: Pinellas County Extension, Pinellas County or the University of Florida / Institute of Food and Agricultural Sciences.